The State of Stablecoins, 2019

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Source: ethereum
The State of Stablecoins, 2019

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Maryland State Government Participating in Operation Cryptosweep

Attorney General Brian Frosh has announced that his Securities Division is participating in Operation Cryptosweep


Source: cointelegraph
Maryland State Government Participating in Operation Cryptosweep

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The Chinese State Is Allegedly Sponsoring Attacks on Cryptocurrency Firms

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The Chinese State Is Allegedly Sponsoring Attacks on Cryptocurrency Firms

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Play State Channel Games on Ethereum, win $50,000 and a Trip to Osaka (Devcon5!)

Play State Channel Games on Ethereum, win $50,000 and a Trip to Osaka (Devcon5!) submitted by /u/no89key
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China’s State Cryptocurrency Coming Soon, Featuring Two-Layer Structure

This article was originally published by 8btc and written by Lylian Teng.

is about to roll out its central bank currency (CBDC), which features a two-layer operation mechanism, with ’s central bank running the top layer and business institutions running the second layer, said Mu Changchun, deputy chief at the Payment and Settlement Division of the People’s Bank of China (PBoC).

China’s central bank initiated a study on digital currency and its central bank- digital currency in early 2014 when the bitcoin began to gain popularity in the country. After five years of research, the central bank officer recently announced that the CBDC is ready to come out and revealed some design principles behind the upcoming at the third summit of China Finance 40 Group Meeting.

Two-Layer Operating System

Changchun revealed that the CBDC will leverage a two-layer operation system, which means the PBoC will convert the digital currency to commercial banks or other operating institutions where the public could acquire it, instead of single-layer structure where the central bank issues the digital currency directly to the public.

He explained that a two-layer structure better suits the country’s national conditions considering that China is a complex economy with a vast territory and a large population, where economic development, resource endowment, literacy education and acceptance of smart terminals vary from place to place. Technically, a two-layer operation design avoids excessive concentration of risk in a single institution, meanwhile, it can also make use of existing resources to mobilize the enthusiasm of commercial banks whose IT infrastructure and service system have been relatively mature with large user bases.

Such a structure also ensures and strengthens the macro monetary control of the central bank. The officer stressed that the PBoC insists on centralized management despite the fact that cryptocurrencies are featured by decentralization.

Retail Scenarios, High Scalability

Changchun furthered that the coming CBDC is a replacement of M0 — the base currency measure — and thus it will charge no interest rate on cash. Given that, the CBDC will not trigger financial disintermediation, nor will it have a big impact on the existing real economy.

He also pointed out that the state-backed digital currency will comply with the legal framework, such as laws of cash management, anti-money laundering and counter-terrorism financing. Any suspicious transaction or whale transfers are obliged to be reported to the PBoC.

On top of the basic compliance, Changchun detailed that China’s CBDC shall bear attributes of high scalability and high concurrency performance, which are essential to its applications in small retail and high-frequency business scenarios. He believes that setting transaction limits and balancing limits in accord with wallets at different levels will help promote its usage in the aforementioned cases. By doing this, there should be a minimization on deposits, helping avoid the pro-cyclical effect that comes under arbitrage and a stressed environment.

“State-backed cryptocurrency is inevitable, though it is hard to implement,” commented China UnionPay Chairman Shao Fujun.

The country has been taking the lead in developing a state-backed digital currency while many other countries have been attempting to launch their own cryptocurrencies in an effort to tackle issues of low inefficiency, high latency and more.

The post China’s State Cryptocurrency Coming Soon, Featuring Two-Layer Structure appeared first on Bitcoin Magazine.


Source: bitcoinmagazine
China’s State Cryptocurrency Coming Soon, Featuring Two-Layer Structure

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State-Backed Digital Currency Ready To Launch In China

state-backed digital currency


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- currency is ready to launch in according to the announcement from the office of the People’s Bank of as we are reading in today’s altcoin news.

There has been some talk in the Bitcoin space about the digital payment technology getting ready to be picked up by centralized powers. Facebook’s Libra coin has been all over media as they are trying to launch their own dollar-pegged while still trying to avoid the confusing regulatory system in the United States that surrounds Bitcoin and other cryptocurrencies. However, it seems as now one of the largest economies in the world is working to launch their own state-backed digital currency network. The Deputy Chief in Payment and Settlement division of the People’s Bank of China Mu Changchun stated in an announcement that the prototype is complete running on a blockchain infrastructure back-end with a few modifications.

At the China Finance 40 group meeting that took place yesterday, many executives from big banks and state officials stated that the PBOC state-backed digital currency is now ready to be launched. Changchun also reported that the system has been in development for over 5 years which just so happens to be around when the Bitcoin price increased to the four-digit mark. There are different views on centralized cryptocurrencies on whether they are good or dangerous. Many countries around the world are rushing towards a cash-free direction and digital payments are put in the center of the conversation. The governments are willing to fight money laundering and other financial crimes with cryptocurrency.

For example, the European Union just passed legislation last year making it illegal to make transactions worth over 10,000 EUR in cash. If a central bank digital currency is passed by the national governments, then we could start living in a world where every transaction will need state approval to happen as per the reports in some of the best cryptocurrency news sites.

The post State-Backed Digital Currency Ready To Launch In China appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
State-Backed Digital Currency Ready To Launch In China

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U.S State of New Jersey Signs New Blockchain Task Force into Law

U.S State of New Jersey Signs New Blockchain Task Force into Law

This article was originally posted on The Bitcoin News – a trusted site covering numerous topics related to Bitcoin since 2012. According to a recent […]
Source: cryptonewsmonitor
U.S State of New Jersey Signs New Blockchain Task Force into Law

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How the current state of the economy and currency wars set the stage for BTC

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Brazilian State Launches Blockchain Platform For Government Bids

bitcoin trading surges


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One is in the latest cryptocurrency news for launching a unique blockchain application that will track the process of public bidding of contracts. As a report showed on July 12, the state of Bahia launched the Online Bid Solution (SOL). Developed by Cayenne Technology and Design.

The bids will definitely be transparent and secure due with the application of blockchain technology. As the government of Bahia said, the Brazilian state beneficiaries of SOL appear to be clients in the Brazilian agriculture industry.

The solution, as described in the best cryptocurrency news sites, will connect agriculture organizations in Bahia with suppliers and workers throughout Brazil. They will also provide transparency on the contract bidding process.

“The application, already available in the Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank,” the Brazilian state and its government noted.

As we previously reported on our altcoin news site, the Brazilian coffee farming cooperative Minasul recently announced its plans to issue a blockchain token for coffee farmers. With it, farmers will reportedly be able to earn tokens as a reward for harvesting coffee beans. They will also use the proceeds to purchase a variety of goods.

“All bidding information becomes available and stored in a environment, making the process secure and transparent,” the statement by the Brazilian state said.

As the official announcement shows, the app also aims to “facilitate and expedite the access of associations and cooperatives of the family agriculture of Bahia to suppliers of goods, services and works, from all over the country, and enable transparency in their acquisitions.”

All of this leads us to believe that the Brazilian state of Bahia as well as the coffee farming cooperative Minasul are among the first pioneers of blockchain within the country. This will purportedly be a useful economic system for the farmers, since the method of financing does not require registration in a notary’s office.

 

 

The post Brazilian State Launches Blockchain Platform For Government Bids appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Brazilian State Launches Blockchain Platform For Government Bids

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Exit Scams, State-Sponsored Hacks and a Very Expensive Valentines Day

bitcoin booming in china

From alleged to -sponsored hacking and $6.1 million Valentines day gifts – it’s all happening in right now.


EtherDelta Busted

Police in China have apparently begun investigating crypto trading platform EtherDelta over an exit scam. Partner at crypto investment fund Primitive Ventures, Dovey Wan, made the revelation yesterday on crypto twitter.

EtherDelta is involved in a major scam in China, police officially take legal action against it. The actual beneficiaries of EtherDelta are all after ownership transition in 2017

She added that ‘furious’ investors of the EDT token blew the whistle to local police who launched an official investigation, and that Chinese police will show ‘no mercy’ if a crypto scam involves a large amount of retail capital.

After a heavy SEC fine, founder Zack Coburn sold the platform to a group of Chinese businessmen who issued the EDT token as an exit scam.

State Sponsored Crypto Hacking?

According to a FireEye Threat Intelligence report that emerged last week, a hacking collective called APT41 has started working alongside the Chinese . The report added that the group has targeted a number of firms operating in the crypto industry.

The group has also targeted cryptocurrencies, including at least one case in which there was a connection between and an online video gaming platform. In October 2018, the group compiled an instance of XMRig, a Monero mining tool, demonstrating a continued interest in .

The dossier insinuated that there were connections with the Chinese authorities, adding that the group’s operations underscored a blurred line between state power and crime.

Bitcoin, a Perfect Gift in China

Finally, crypto whales in China have been sending BTC to each other as a display of love and affection on their version of Valentine’s Day. August 7 is also known as the Qixi or Qiqiao Festival celebrating the annual meeting of a cowherder and weaver girl in mythology. Dovey Wan has been tweeting again about the number 520 which in Chinese is pronounced similar to “I love you”.

Rich Chinese crypto whales today are busy sending the symbolic 520 $BTC to their loved ones as gift

At current bitcoin prices the recipients of these romantic gestures will be $6.1 million better off.

Will Chinese hunger for bitcoin drive the next rally? Add your thoughts in the comments below

The post Exit Scams, State-Sponsored Hacks and a Very Expensive Valentines Day appeared first on Bitcoinist.com.


Source: bitcoinist
Exit Scams, State-Sponsored Hacks and a Very Expensive Valentines Day

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